ACC707 - Auditing - Auditing And Assurance - Report Writing Assignment Help

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ACC707 - Auditing And Assurance - Report
Writing Assignment Help

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Question 1

• While assessing the risk of material misstatement
  and determining the appropriate response with
  regard to the inventory Of Computing Solutions
  Limited (Computing Solutions) for the 30 June
  2019 audit, you become aware Of the following
  information.
• (i) The best-selling computer presentation
  package has been experiencing a high level Of
  retums owing to suspected software problems.
• (ii) Based on closing inventory, inventory turned
  over an average Of 5.2 times in 2018 and 3.8
  times in 2019.
• (iii) Computing Solutions moved its inventory
  from a central warehouse to six new regional
  warehouses in March 2019.
• (iv) Inventory on hand at end of year represented
  26 per cent of sales in 2019 and 19 per centof
  sales in 2018.
• (v) Computing Solutions has recently won a tender
  to supply a large government department with
  various products. In order to win the tender and
  prevent competitors from gaining a foothold in
  the public sector market, Computing Solutions
  agreed to supply the items at 10 per cent below
  their cost price. The first shipment is due to be
  delivered to the government department in the
  middle of July 2019.

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• Required - Auditing Assignment Help
• (a) Identify and plain the two key assertions at
  risk in relatio n to inventory(b) Identify and
  describe two substantive audit procedures that
  you could perform in response to each risk
  identified above(c) Explain the requirement of
  ASA 701 Communicating Key Audit Matters in the
  Auditor's Report and the rationale for this
  auditing standard. Determine if each Of the above
  matters are key audit matters, providing full
  rationale for the determination. If it is
  determined that they are Key Audit Matters,
  provide the disclosures which are required in Key
  Audit Matters Section of the Auditor's report as
  required under ASA 701.

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Question 2

• You are the audit senior with Howard Associates
  and have been assigned to the audit Of Beautiful
  Hair Ltd (Beautiful Hair) In early 2019,
  Beautiful Hair acquired a small manufacturer of
  high-quality organic hair-styling products,
  Shimmer pty Ltd (Shimmer). Beautiful Hair's
  management had identified that Shimmer's line Of
  productswould fit extremely well with the
  Beautiful Hair business, and organized funding
  for the acquisition from Regional Bank
• Shimmer uses special formulas to create its
  product. Only the owner of Shimmer knows the
  secret ingredients for the formulas. These secret
  ingredients are apparently documented and held by
  Shimmer's solicitors.

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• Beautiful Hair's management has been advised that
  the intellectual property related to the formulas
  has the potential to be both a material and
  valuable asset and has been recognized as an
  intangible asset arising from the acquisition in
  accordance with accounting standard AASB 3.
• Required
• (a) Identify and explain the two key assertions
  most at risk in relation to the intellectual
  property intangible asset
• (b) Identify and describe a substantive audit
  procedure that you could perform in response to
  each risk identified above

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